NU Online News Service, April 7, 2003, 1:05 p.m. EDT – Money managers may be managing the equivalent of only about $248 billion in “managed account” assets outside the United States this year, down from $260 billion in 2002, according to estimates from the London office of Cerulli Associates.

The financial services market research firm has published a report that looks at two types of managed accounts: mutual funds and separate accounts.

Separate accounts are large, diversified stock portfolios controlled by individual investors.

Outside the United States, separate account assets have probably increased to about $60 billion this year, from $55 billion in 2002, but mutual fund assets have fallen to $188 billion, from $205 billion, Cerulli says.

Although 2003 has been a bad year, Cerulli is projecting that market conditions will improve and that total international managed account assets will increase to $390 billion by 2007.